Posted on 11/09/2020 8:51:56 AM PST by SeekAndFind
Democratic presidential candidate Joe Biden's projected victory in the November election could significantly change tax bills for a slew of Americans.
Fox News projected on Saturday that, four days after the election, Biden had defeated incumbent President Trump following victories in the key battleground states of Nevada and Pennsylvania.
"America, I’m honored that you have chosen me to lead our great country," Biden tweeted. "The work ahead of us will be hard, but I promise you this: I will be a President for all Americans — whether you voted for me or not. I will keep the faith that you have placed in me."
The former vice president has unveiled a multitrillion-dollar agenda that would be funded in large part by higher taxes on wealthy U.S. households – which he describes as anyone earning more than $400,000 annually – and corporations. That includes higher income tax rates, an expansion of the payroll tax for Social Security, new tax credits and fewer deductions.
“I will raise taxes for anybody making over $400,000,” Biden said during a recent interview with ABC's David Muir. “Let me tell you why I'm going to do it. It’s about time they start paying a fair share of the economic responsibility we have. The very wealthy should pay a fair share – corporations should pay a fair share.”
Still, the Constitution gives Congress the power to set tax policy, so Biden's economic agenda may hinge on whether Democrats control both chambers on Congress. While they appear poised to maintain a slim majority in the House, control of the Senate hinges on Georgia, where the state's close election has pushed both races to a Jan. 5 runoff.
Almost 80% of the tax increases backed by Biden would land on the top 1% of earners in the U.S.,
(Excerpt) Read more at finance.yahoo.com ...
I’m with Biden on this one. THEY FINANCED HIM and everything that went with him...let them feel some pain.
Here’s a closer look at some of Biden’s specific plans for individual tax changes:
* Hike taxes on individuals by repealing parts of the Tax Cuts and Jobs Act
* The tax overhaul that Republicans passed nearly four years ago temporarily lowered the top income bracket to 37%. (Under current law, the lower 37% rate is already slated to return to 39.6% in 2026). Biden has pledged to revert that top rate to 39.6% for those earning more than $400,000 annually. That would result in an average tax increase of nearly $300,000 for households in the top 1% of the country, compared with a $260 per year increase for those in the middle, according to the Tax Policy Center.
* Create a Social Security “donut hole”; Under existing law, employees and employers split a 12.4% payroll tax on wages below an annual maximum (in 2020, it’s $137,700). The levy, which shows up on paystubs as a FICA tax, is used to fund Social Security.
Subject wages above $400,000 to the 12.4% payroll tax, creating a so-called “donut hole” for earnings between $137,700 and $400,000, which would be exempt.
* Raise taxes on capital gains and dividends for higher earners. For individuals and couples earning more than $1 million, capital gains and dividends would be taxed as ordinary income at a rate of 39.6%. Long-term capital gains are currently taxed at a top rate of 20%.
* Increase levies on inherited assets. Under current law, when heirs inherit an asset that has appreciated in value, they get a “step-up” in basis, meaning they receive the holding at its current market value. Beneficiaries can sell those assets and pay capital gains based only on the time they receive the asset and the time they sold it, allowing them to minimize the tax bite.
But Biden has suggested applying capital gains taxes based on the original value of an asset.
RE: I’m with Biden on this one.
Which one of his proposed tax plan are you with?
Could? It will as he has already said he will gut the tax changes.If he can, that is.
Dear Joe,
To semi-quote Pelosi, you will be an illegitimate president, if and when you get there.
Punishing the people who financed him...if he’s serious about the 400k threshold (though something tells me it will wind up being lower).
“I’m with Biden”
No surprise.
RE: Punishing the people who financed him...if he’s serious about the 400k threshold
Well, in this sense, if he can implement it ( assuming Democrats control the legislature ), then all he did was keep his promise. He DID say that this would be the casein his debate ( so did Kamala Harris ).
Whenever the left says they are going to raise taxes on the rich the increase falls squarely on the middle class. Every time.
I saw a FB post last night in which the poster had “saved” a bunch of data for the date, 3 days after the election. He recorded the price of gasoline, the stock market closing numbers, and a few other similar items.
We should all capture the info soon to include our net paychecks, cost of health insurance and deductibles data, utility bills for gas, water, electric; gas per gallon, property taxes, average weekly grocery bill. See how these change over the next few months, should Biden end up being POTUS.
There will be NO President Dementia Biden so I prefer to not get upset over BS what if’s!
https://www.youtube.com/watch?v=CQN1O-3QgTQ&feature=youtu.be
What Will DJT do now?
Correct, I am with Biden on taxing these bastards. I’m not loaded and I am SICK AND TIRED of being used by the Republicans to help these horrific people who are financing the destruction of the country.
But feel free to support those people, if you choose.
If those increases are for couples making more than $400,000 it will crash luxury spending and vacation spending from all but the super rich
Everyone’s taxes will go up
The repeal of the Trump tax cut will raise everyone’s taxes.
Also the green new deal will raise everyone’s taxes.
And when gas goes back up to $4 a gallon you will pay at the pump and pay in the stores.
I would be happy to pay more taxes knowing that the money went to buy more cocaine for Hunter Biden to snort off some whore’s ass.
Those billionaires offshore their assets and don’t earn “salary”. they get hefty bonuses etc.
They are billionaires because they buy the legislators and import cheap labor for tech jobs.
They won’t pay more. Ever
May Hunter get an ecoli infection in his nose that travels straight to his brain
Any taxes increased on anybody will always hurt the economy. And the fact that this mofo wants to finance healthcare for criminal illegal aliens makes it even more outrageous.
Those "bastards," households making $400,000 a year are not considered the "wealthy" in many places.
Additionally, raising the corporate tax rate will trickle down and hurt all of us, including those with household incomes under $400,000 by way of job destruction, decreased retired account values, increased prices on goods and services, etc.
Not to mention, there is no way...zero percent chance, he (they) would stop at 400k. That's just for starters.
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